Crude oil futures recovered 0.5 per cent to Rs 5,873 per barrel today as speculators created positions amid a rebound in Asian trade after tumbling on easing concerns over conflicts in Ukraine and Iraq.
On the Multi Commodity Exchange, crude oil for delivery in August gained Rs 29 or 0.5 per cent to Rs 5,873 per barrel with a business turnover of 596 lots.
Similarly, the oil for September delivery moved up by Rs 16 or 0.28 per cent to Rs 5,753 per barrel with a business volume of 548 lots.
Marketmen said the rise in crude oil futures was largely in tune with rebound in Asian trade on bargain-hunting after tumbling on easing concerns over conflicts in Ukraine and Iraq.
Meanwhile, West Texas Intermediate crude for September delivery advanced by 38 cents to $96.79, while Brent crude for October delivery gained 22 cents to $101.82 a barrel in late-morning trade on the New York Mercantile Exchange.